Saudi Aramco is set to pay 1.98 trillion Korean Won ($1.95bn) to take its share of Korean refiner S-Oil from 34.99% to 63.4% in a deal first agreed to in January. S-Oil’s 670,000 b/d refinery at Onsan is one of the world’s largest.

Mr Falih says Aramco plans to increase the company’s participation in global refineries to 8-10mn b/d, twice the current level “primarily in the high demand growth markets in the Far East and at home in the Middle East” (MEES, 30 May).(CONTINUED - 530 WORDS)